Imported Scrap offers from Middle East fell by USD 7-8/MT in the beginning of this week.
With the approaching monsoon, demand for finished products has slowed down across major trading regions. Imported Scrap prices have corrected to around USD 390-392/MT on account of poor demand from finished steel products.
Extreme weather conditions, water problems and labor shortage have slowed down construction activity to a great extent. Upcoming monsoon prevented consumers to stock semi finish material.
Offers from Dubai have corrected by USD 7-8/MT in a week’s time to around USD 390-392/MT CFR Mumbai. Imported Scrap prices were trading at around USD 397-400/MT last week.
An exporter based in Dubai said –
[su_quote]We are offering HMS 1&2 at USD 392/MT CFR Nhava Seva, whereas buyers have quoted for USD 390/MT. We are yet to settle any deal at these prices.[/su_quote]
It is to be noted that Billet prices had fallen by INR 1,300/MT from last week, followed by correction in Sponge prices. Sponge iron prices have corrected by around INR 900/MT W-o-W (Ex-Raipur). This can be seen as under:
Low demand and fall in domestic prices of finished & semi finish products are building pressure on domestic Scrap prices as well, which fell by INR 900/MT in Mandi Gobindgarh and by INR 400/MT in Mumbai within a week’s time.
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